Small and medium enterprises (SMEs) were analyzed in a recent report by Guardz. According to the report, 57% of SMEs have experienced a cybersecurity breach, with 31% of respondents stating that their business had been targeted by a breach in the past 12 months alone. Additionally, 29% of SMEs reported currently having no cyber insurance.
With cyberattacks targeting SMEs on the rise, it is crucial for business owners and managers to be properly prepared. Seventy percent of respondents are confident that their businesses are adequately prepared and resilient enough to withstand a cyberattack. However, 44% of respondents believe that their current antivirus solution fully protects their business, employees and data, and a quarter (25%) of businesses admit to not regularly training their employees on cybersecurity best practices or never have.
Fifty-nine percent of respondents reported financial loss as their primary concern in the wake of a cyber-attack, while 53% were concerned about a breach of data privacy. Reputational damage, operational disruption, temporary loss of business and business termination were also cited as significant concerns by the respondents, further underscoring the potential impact of the cyber threats facing SMEs.
In addition to the 29% of respondents who stated that they do not have any cyber insurance coverage, 11% believe they do not even need it.
Read the full report here.